Arch Capital Group Ltd. reported an estimated range of fourth quarter pre-tax losses of $110 million to $130 million from global natural catastrophes, including Hurricane Michael and California wildfires.
These estimates are net of reinsurance recoveries and reinstatement premiums, said Bermuda-based Arch.
This estimated range updates the $40 million to $60 million range previously disclosed by the company, which reflected only losses from Hurricane Michael. The current range also reflects the California wildfires and other Q4 catastrophic events from around the globe.
At this time, there are significant uncertainties surrounding the number of claims and scope of damage for these events, said Arch, noting that its estimate for these events is based on available information derived from modeling techniques, industry assessment of exposure, preliminary claims information obtained from the company’s clients and brokers to date and a review of in-force contracts.
Source: Arch Capital Group Ltd.
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